2024-01-29 15:05:20
| Investing.com News |
The trading week on Wall Street opened on Monday with shares rising, ahead of a busy week that includes the Federal Reserve’s policy-making meeting, key data on the labor market as well as quarterly reports from some of the largest technology companies.
As of 16:45, the index rose 0.1%, the index also climbed 0.1% and added 0.2%.
The leading indices in the US concluded last week with rate increases for the second week in a row, aided by stronger than expected growth figures as well as signs that inflationary pressures are starting to fade.
However, disappointing quarterly results from tech giants Intel (NASDAQ: ) and Tesla capped gains and hurt investor sentiment a bit.
Investors’ attention will be directed this week to the Federal Reserve’s two-day policy-making meeting, which will end on Wednesday with the publication of the first interest rate decision for this year.
According to the estimates, the Fed will leave the interest rate unchanged in the upcoming decision, and the capital markets will closely follow the words of Fed Chairman Jerome Powell at the press conference he will hold after the announcement, to get clues regarding the forecast of the interest rate path in the near term.
In this week’s economic events calendar – labor market data with the jobs report, the average monthly wage, and the unemployment rate. The consumer confidence index data will also be published this week (on Tuesday), and the weekly data on the number of initial unemployment claims on Thursday.
This week is shaping up to be the busiest week of the report season, which includes, among other things, 5 of the 7 technology stocks known as the “Magnificent Seven” that pushed the stock markets to new highs for most of the past year.
Alphabet (NASDAQ: ) and Microsoft (NASDAQ: ) are scheduled to report results on Tuesday, followed by Apple (NASDAQ: ) and Amazon (NASDAQ: ) on Thursday, and Facebook (NASDAQ: ) parent Meta Platforms (NASDAQ: ) will report on Friday .
Besides the technology stocks, Boeing (NYSE: ) and Merck & Co. (NYSE: ) will also gather interest in the reports.
Shares of i-Robot (NASDAQ: ) fall 17% at the start of trading after Amazon announced the cancellation of the merger deal in which it intended to acquire i-Robot for $1.7 billion. The reason for the cancellation is that the European Union will not give regulatory approval to the transaction. Ai Robot announced the immediate retirement of the company’s CEO and layoffs of 350 employees.
Shares of Sufi Technologies (NASDAQ: ) released reports before the opening of trading in which they surpassed the early forecasts in the revenue line and the profit line. The stock jumps 18% at the opening of trading.
Among the Israeli stocks traded on Wall Street, Zim (NYSE: ) stands out at the opening of trading, rising 10% after receiving an increase in recommendation from Jefferies. set at Jefferies per share rose to $20, an upside of 48% on the share price at the close of trading on Friday.
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